North Bay Resources completes initial test mining at Fran gold project

Tue Aug 05 2025

North Bay Resources Inc. (OTC:NBRI) said it has completed initial test mining at its Fran Gold Project in BC, extracting high-grade ore from a massive sulphide zone that returned assay results of up to 0.5 ounces per ton of gold.

The company began development at a surface outcrop between trenches with previously reported high-grade gold mineralization, targeting a zone containing gold, copper and silver in mineralized forms such as chalcopyrite, marcasite and galena.

Recent assays and historical results from Trenches B and C confirmed grades of up to 2.27 ounces per ton, the company said.

Roughly 10 tons of ore have been extracted and packed for shipment to North Bay’s Bishop Gold Mill for processing, with further extraction set to resume within 10 days using an expanded crew. The company plans to continue development through the fall.

North Bay said the gross value of the extracted ore is estimated at $1,700 per ton based on a gold price of $3,400 per ounce. After factoring in estimated operating costs, dilution, and recovery losses, the company anticipates a gross profit of $599 per ton.

The massive sulphide zone, estimated at 60 by 30 meters and up to four meters in depth, could extend further with high-grade assays found as far as Trench E, covering more than 200 meters. North Bay expects costs to decline as production volumes increase.

The company is also initiating the permitting process for a 10,000-tonne extraction program, which could lead to a small mine permit for 50,000 tonnes per year or a large-scale operation, depending on further results.

North Bay’s broader development plan includes parallel extraction of a bulk tonnage gold deposit estimated at 20 million tonnes at a grade of 0.5 grams per tonne, with the potential to expand to 2 million tonnes annually and up to 40 million tonnes in total resources. Past drilling has identified a mineralized zone spanning more than 1,000 by 100 by 300 meters.

The Fran Gold Project lies near major Canadian gold and copper operations, including Centerra Gold’s Mt. Milligan Project and Artemis Gold’s Blackwater Mine.

Separately, North Bay said it has begun the process of uplisting from OTC Pink to OTCQB or a similar international exchange.

Source: https://www.proactiveinvestors.com/